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Score Simulator Confusion

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silentdance
Valued Member

Score Simulator Confusion

So I am aggressively trying to better my credit. Back in September with a starting score of 642, I spent an hour or so messing with the Score SImulator in order to decide my next course of action. It said that after 3 months of paying down 159 or more of my balances, my score would go up to 682-722. After deciding to stick to this, I developed a chart called my "Pay Down Plan" and listed all my accounts, their transactions, payments, limits, due dates, cycle dates and reporting dates. After three full months of more than sticking to my plan, my score is a measley 657. I'm so confused. I thought the Score Simulator was based on the same algorithm that My Fico's scores are based on. How can it be so wrong? More importantly--if wrong--how am I supposed to be able to find out what I have to do to actually get to a 682?


Starting Score: TU 552 EQ 565
Current Score: TU 665 EQ 674
Goal Score: 700+


Take the FICO Fitness Challenge



As a new (single) mom, my goal is to buy a great house by 2012. I'm busting tail to better my credit one day at a time, thanks to the help of this forum.


Message 1 of 7
6 REPLIES 6
haulingthescoreup
Moderator Emerita

Re: Score Simulator Confusion

Have all the most recent payments (third round) posted yet, for each of the accounts that you're working on? And if so, is your 657 score from the report showing those three months' worth of payments on all the accounts?

 

The simulator is sort of useful, but it's definitely not completely reliable, often because other things have happened on your reports in the meantime.

 

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 2 of 7
vanillabean
Valued Contributor

Re: Score Simulator Confusion

The simulator estimate is just a ballpark figure, in part to discourage reverse engineering. My recent EQ SW say 0-20 in six months and 0-30 in 24 months. Yet all my cards used for util are listed as $0, which carries a hefty penalty, so reporting a balance is bound to bring about a nice score increase, perhaps as much as 20 or more. Aging and inquiries falling off may well exceed the additional 10. I don't know for sure of course; only time can tell.

 

Message 3 of 7
silentdance
Valued Member

Re: Score Simulator Confusion

There are a couple of accounts that haven't posted the third round of recent payments. The 657 is after more than three months, but only half of the accounts' final month of paydown has shown up on the CRAs. I guess I should wait longer? I'm just disappointed because I really committed to doing this & I was under the impression that the minimum increase (i.e. the 682 in a predicted jump to a 682-722 score) was a sure thing. I put a fair amount of time and a great deal of money into this...and I still don't know exactly what to do to get to the high 600s.


Starting Score: TU 552 EQ 565
Current Score: TU 665 EQ 674
Goal Score: 700+


Take the FICO Fitness Challenge



As a new (single) mom, my goal is to buy a great house by 2012. I'm busting tail to better my credit one day at a time, thanks to the help of this forum.


Message 4 of 7
haulingthescoreup
Moderator Emerita

Re: Score Simulator Confusion

 


@silentdance wrote:

There are a couple of accounts that haven't posted the third round of recent payments. The 657 is after more than three months, but only half of the accounts' final month of paydown has shown up on the CRAs. I guess I should wait longer? I'm just disappointed because I really committed to doing this & I was under the impression that the minimum increase (i.e. the 682 in a predicted jump to a 682-722 score) was a sure thing. I put a fair amount of time and a great deal of money into this...and I still don't know exactly what to do to get to the high 600s.


 

Well, the score formula isn't psychic. Smiley Wink It can only score what's on your credit reports. It's often described as a snapshot, taking a picture of just one moment in time (the info on your credit report at the moment that you pull your score), while your credit reports are continually changing.

 

No guarantees that you'll hit the full projected amount, but since all the numbers aren't in yet, your final scores don't exist yet.

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 5 of 7
Barry
Administrator Emeritus

Re: Score Simulator Confusion

Hi silentdance,

 

There are no guarantees with the simulator, as there are simply too many variables to be able to say that in all cases your score will perform in such and such a way.  However, since it's been more than a month since you've seen a full report (from myFICO), why don't you check to see that all of your accounts are updating properly by pulling the free report we just gave you?  But regardless of what the updateed report shows, if you continue to pay down your card balances, don't miss any payments and continue to hold off on opening any new accounts, your score should get to the high 600s and beyond pretty soon. 

 

-Barry

Message 6 of 7
silentdance
Valued Member

Re: Score Simulator Confusion

Hey THANKS! I just saw the free report. I really appreciate it. I'll pull a new report now. I'll check my accounts and I'll definitely continue to try my hardest to better my score. Fingers crossed. Thanks for the encouragement!

 

-Meredith


Starting Score: TU 552 EQ 565
Current Score: TU 665 EQ 674
Goal Score: 700+


Take the FICO Fitness Challenge



As a new (single) mom, my goal is to buy a great house by 2012. I'm busting tail to better my credit one day at a time, thanks to the help of this forum.


Message 7 of 7
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